Threatening a nation-wide strike against the move, SBI unions would meet in Patna this month-end, to decide the future course of action on the issue, All India State Bank Officers Federation's General Secretary G D Nadaf told PTI here.
"The move will be opposed at any cost. The merger proposal is against the interests of employees and will leave many jobless. We have decided to oppose the move for merger of SBS or any other associate bank with SBI," Nadaf said.
Following the Cabinet's clearance, the SBI Subsidiary Bank Amendment Bill, 2008 will now soon be introduced in Parliament.
SBI Chairman O P Bhatt had earlier said that the bank planned to complete the merger within a period of two to three months after receiving the necesaary clearance.
"Once we get the clearance, it (the merger) could be done within three months," Bhatt had said.
SBS is the smallest subsidiary of State Bank and had posted a net profit of Rs 51.98 crore in FY08 as against Rs 87.43 crore in the previous fiscal. The lender has also seen its bad loans mounting in the last financial year.
